Credit union lease program CU Xpress Lease announced Thursday it has partnered with Affinity Federal Credit Union. Located in Basking Ridge, N.J., Affinity is New Jersey’s largest credit union and will begin offering automotive leasing to its members in New Jersey, Pennsylvania and New York on March 16.

Scott Witherspoon, the senior vice president and chief credit officer at Affinity, believes his members offer a unique and strategic benefit when it comes to leasing.

“New Jersey represents one of the top lease markets in the U.S.,” Witherspoon said. “By working with CU Xpress, Affinity is able to add value to our members with affordable vehicle financing while enhancing the credit union’s dealership exposure. Further, leasing provides us an opportunity to immediately expand our automotive portfolio. Since leasing is becoming more popular due to lowered monthly payments and no money down requirements, we know our potential will only increase with this new service for our members.”

Frank Rinaudo, the senior vice president of GrooveCar Inc., CU Xpress’ parent company, foresees a growth in leasing now that more and more consumers perceive it as more affordable.

“The cost for new cars has steadily increased and driven the popularity and demand for leasing simply by virtue of the fact that monthly payments make otherwise unaffordable vehicles affordable,” Rinaudo said. “2014 saw leasing rise nationally to represent 24.9 percent of the new-retail market – that translated into 3.36 million cars leased. For 2015 we project growth to rise to approximately 26 percent, making leasing incredibly attractive for both members and credit unions in highly saturated markets.”